2,000 MYR Group, Inc. $MYRG Shares Sold by Hennessy Advisors Inc.

Hennessy Advisors Inc. decreased its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 8.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 20,800 shares of the utilities provider’s stock after selling 2,000 shares during the period. Hennessy Advisors Inc.’s holdings in MYR Group were worth $6,083,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of MYRG. Kilter Group LLC acquired a new position in shares of MYR Group during the 2nd quarter worth $25,000. Global Retirement Partners LLC acquired a new stake in MYR Group in the second quarter valued at about $30,000. Carolina Wealth Advisors LLC acquired a new stake in MYR Group in the second quarter valued at about $30,000. Allworth Financial LP acquired a new stake in MYR Group in the second quarter valued at about $40,000. Finally, Fiduciary Financial Advisors bought a new position in MYR Group in the second quarter valued at about $51,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Trading Down 1.5%

Shares of NASDAQ MYRG opened at $278.24 on Tuesday. The firm has a 50 day moving average price of $288.84 and a two-hundred day moving average price of $333.66. The stock has a market cap of $4.33 billion, a P/E ratio of 22.60 and a beta of 1.32. MYR Group, Inc. has a 52-week low of $199.30 and a 52-week high of $503.57. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, October 28th. The utilities provider reported $3.82 EPS for the quarter, topping analysts’ consensus estimates of $2.97 by $0.85. MYR Group had a net margin of 4.48% and a return on equity of 27.37%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the previous year, the business earned $2.05 earnings per share. MYR Group’s revenue was up 32.5% compared to the same quarter last year. As a group, equities analysts forecast that MYR Group, Inc. will post 12.43 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on MYRG. Robert W. Baird set a $363.00 target price on MYR Group in a research note on Thursday. Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a report on Friday, October 2nd. The Goldman Sachs Group restated a “neutral” rating and issued a $331.00 price target on shares of MYR Group in a research note on Thursday, October 22nd. Jefferies Financial Group raised shares of MYR Group from a “hold” rating to a “buy” rating and decreased their price target for the company from $377.00 to $370.00 in a report on Tuesday, October 6th. Finally, Wall Street Zen cut shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 29th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $404.20.

MYR Group Profile

MYR Group Inc is a holding company that operates specialty electrical infrastructure contracting businesses in the United States and Canada. Its companies provide construction, maintenance, repair and emergency restoration services for electric power infrastructure and other complex electrical systems.

MYR Group operates through two primary segments: Transmission and Distribution and Commercial and Industrial. Its transmission and distribution work includes overhead and underground power lines, substations and related utility infrastructure.